Specialist charity property funds saw large falls in value in 2008, according to figures released by research company Investment Property Databank.
IPD said Rensburg Sheppards' Charities Property Fund had produced a total return of -17 per cent. CCLA's COIF Charities Property Fund saw a return of -23.2 per cent, and Mayfair Capital's Property Income Trust for Charities one of -35.3 per cent.
Cazenove's Multi-Strategy Property Trust for Charities, which was not in the IPD figures, produced a total return of -20 per cent for the same period. The firm said its strategy had "proved beneficial, given the extremely difficult market circumstances".
The total value of the four funds was put at about £375m. Funds in the IPD index produced an average total return of -26 per cent.
The total return figure takes into account the change in value of property and any income it has generated.
Charity property fund managers said they were pleased with the results.